NBC Evening News for Monday, Jul 09, 1973
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(Studio) General Accounting Office reports to Congress administration mishandled wheat sale to Russia. GAO says wheat sale helped push food prices up this year and taxpayers bearing unnecessary subsidies paid to export grain companies
REPORTER: John Chancellor
(Galveston, Texas) General Accounting Office says Agriculture Department paid export grain companies subsidies to make up for price quoted to Russians and actual grain price. General Accounting Office officials say Russia would have paid higher prices, reducing subsidies paid to grain companies Farmers didn't make profit in wheat deal; exporters did. Lack of wheat here causes grain shortage, resulting in high food prices and shortages. Agriculture Secretary Butz, denies all charges against Agriculture Department and export grain companies Admits wheat deal could have caused higher food prices.
REPORTER: John Cochran